Plunging his fists into the molten heart of the dragon Shou-Lao the Undying infused the dragon's superhuman energy into Rand; this along with training by Lei Kung the Thunderer gave Rand the power of the Iron Fist, allowing him to summon and focus his chi (or natural energy) and enhance his natural abilities to extraordinary levels. His strength, speed, stamina, durability, agility, reflexes and senses can all be greatly intensified.
He is able to concentrate his body's natural energies into his hand, manifesting as a supernatural glow around his clenched fist. So concentrated, this "iron fist" can strike with superhuman hardness and impact, while his hand becomes impervious to pain and injury. However, the feat of summoning the power required leaves Rand physically and mentally drained, unable to repeat the act for a time, as long as even an entire day in certain instances.
He can also focus chi energy inward to heal himself or outward to heal others of injury, as well as telepathically fuse his consciousness with another person and meld with that person's mind.
Rand is a master of all of K'un Lun's martial arts as well as various fighting styles from Earth.